Comarco Reports First Quarter Fiscal 2013 Financial Results
LAKE FOREST, Calif., June 14, 2012 /PRNewswire/ -- Comarco, Inc. (OTC: CMRO.PK) today announced its financial results for the first fiscal quarter ended April 30, 2012. The Company also filed its Quarterly Report on Form 10-Q for the first quarter of fiscal year 2013 with the Securities and Exchange Commission today.
Revenue for the first quarter of fiscal 2013 was $2.2 million, a decrease of 25% compared with $2.9 million in revenue for the first quarter of fiscal 2012. The Company reported a net loss for the first fiscal quarter of $0.7 million, or $0.10 per share. This compared with a net loss of $1.3 million, or $0.17 per share, in the first quarter of fiscal 2012.
Selling general and administrative expenses were $0.5 million in the first quarter of fiscal 2013, a decrease of $0.4 million compared to the first quarter of fiscal 2012. Engineering expenses were $0.5 million in the first quarter of fiscal 2013 representing a slight increase compared to the first quarter of fiscal 2012.
"The first quarter results were in line with our expectations as we continue our efforts to position Comarco for future growth. We continued to invest in the development of creative marketing strategies to build brand awareness and to drive consumers to our direct-to-consumer website www.chargesource.com. At the same time, we continue to actively manage our operating expenses," said Tom Lanni, the Company's President and CEO. "Additionally, we are continuing our efforts that we began last fiscal year to pursue patent infringers in an effort to monetize the value of our extensive patent portfolio."
Forward-Looking Statement Disclaimer
This press release contains statements relating to our future plans, strategies and developments that are based on our current beliefs and assumptions. These statements constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "could," "may," "should," and similar expressions or variations of such words are intended to identify forward-looking statements, but are not deemed to represent an all-inclusive means of identifying forward-looking statements as denoted in this release. Additionally, statements concerning future matters are forward-looking statements.
Although forward-looking statements in this release reflect the good faith judgment of our management, such statements are only based on facts and factors known by us as of the date of this release. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, without limitation, those specifically addressed in the section entitled "Risk Factors" in our Annual Report on Form 10-K of the fiscal year ended January 31, 2012, and in our other filings with the Securities and Exchange Commission. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release, whether as a result of new information, future events or otherwise, except as required by law.
About Comarco
Based in Lake Forest, Calif., Comarco is a leading provider of universal mobile power products used to power and charge notebook computers, mobile phones, and many other rechargeable mobile devices. The Company's Web sites can be found at www.cmro.com and www.chargesource.com.
| COMARCO, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) |
|||
| Three Months Ended April 30, |
|||
| 2012 |
2011 |
||
| Revenue |
$ 2,201 |
$ 2,949 |
|
| Cost of sales |
1,869 |
2,773 |
|
| Gross profit |
332 |
176 |
|
| Selling, general and administrative expenses |
503 |
950 |
|
| Engineering and support expenses |
541 |
499 |
|
| 1,044 |
1,449 |
||
| Operating loss |
(712) |
(1,273) |
|
| Other income, net |
— |
10 |
|
| Loss before income taxes |
(712) |
(1,263) |
|
| Income tax benefit |
— |
— |
|
| Net loss |
$ (712) |
$ (1,263) |
|
| Basic and diluted loss per share: |
$ (0.10) |
$ (0.17) |
|
| Weighted average common shares outstanding: |
|||
| Basic |
7,430 |
7,344 |
|
| Diluted |
7,430 |
7,344 |
|
| Common shares outstanding: |
7,463 |
7,344 |
|
| COMARCO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) |
||||
| April 30, |
January 31, |
|||
| 2012 |
2012 (A) |
|||
| ASSETS |
||||
| Current Assets: |
||||
| Cash and cash equivalents |
$ 155 |
$ 908 |
||
| Accounts receivable, net |
3,669 |
1,607 |
||
| Inventory, net |
787 |
1,131 |
||
| Other current assets |
61 |
63 |
||
| Total current assets |
4,672 |
3,709 |
||
| Property and equipment, net |
118 |
126 |
||
| Restricted cash |
92 |
92 |
||
| $ 4,882 |
$ 3,927 |
|||
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) |
||||
| Current Liabilities: |
||||
| Accounts payable |
$ 4,527 |
$ 3,912 |
||
| Accrued liabilities |
2,325 |
1,315 |
||
| Total current liabilities |
6,852 |
5,227 |
||
| Deferred rent |
43 |
41 |
||
| Total liabilities |
6,895 |
5,268 |
||
| Stockholders' deficit |
(2,013) |
(1,341) |
||
| $ 4,882 |
$ 3,927 |
|||
| (A) Derived from the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2012, which was filed with the Securities and Exchange Commission on April 30, 2012. |
SOURCE Comarco, Inc.
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